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Get filing alertsSBA Communications reports Q2 2026 results, completes $3.5B investment grade debt offering
Filed August 3, 2026 · Period ending August 3, 2026 · ~1 min read
Key Changes
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Issued inaugural $3.5B unsecured senior notes at 5.113% blended rate with 4.9-year maturity, refinancing secured debt; S&P upgraded to BBB and replaced secured revolver with $2.5B unsecured facility
Exhibit 99.1 view on EDGAR → -
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Q2 2026 net income $198.8M ($1.87/share), AFFO $3.05/share; site leasing revenue up 5.1% YoY to $663.9M driven by 30.5% international growth offsetting 3.7% domestic decline
Exhibit 99.1 view on EDGAR → -
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Raised FY2026 site leasing revenue guidance $2M and AFFO $1M; lowered Tower Cash Flow and Adjusted EBITDA guidance $1M each; AFFO per share guidance now $11.95-$12.40
Exhibit 99.1 view on EDGAR → -
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Built 109 towers in Q2 with ramping Central America construction for Millicom; expects steady production growth through year; ended quarter with 46,390 sites (17,362 domestic, 29,028 international)
Exhibit 99.1 view on EDGAR → -
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Board declared $1.25/share quarterly dividend payable September 17, 2026 to shareholders of record August 20, 2026; management expects to continue industry-leading dividend growth
Exhibit 99.1 view on EDGAR →
Summary
SBA Communications achieved a significant capital structure milestone by completing its first investment grade bond offering, issuing $3.5 billion of unsecured senior notes at a 5.113% blended rate. The proceeds refinanced $1.0 billion of revolving credit and $2.2 billion of secured term debt, while S&P upgraded the company to BBB.
The transition from secured to unsecured debt and the new $2.5 billion unsecured revolver reflect improved credit quality and financial flexibility. Operationally, Q2 results showed the company's international expansion offsetting domestic headwinds. Site leasing revenue grew 5.1% year-over-year to $663.9 million, with international revenue up 30.5% while domestic declined 3.7%.
Net income reached $198.8 million and AFFO per share hit $3.05. Tower construction accelerated with 109 new builds in the quarter, particularly in Central America for Millicom. The updated FY2026 guidance reflects modest improvements in revenue and AFFO per share ($11.95-$12.40 range), though Tower Cash Flow and Adjusted EBITDA guidance declined slightly. Net debt to Adjusted EBITDA of 6.4x remains within the 6.0x-7.0x target range.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
SBA Communications disclosed Q2 2026 financial results, updated full-year 2026 guidance, and announced its quarterly dividend.
Added in current filing · verify on EDGAR →
SBA Communications Corporation issued a press release announcing its financial and operational results for the second quarter ended June 30, 2026, updating its full year 2026 guidance, and announcing its quarterly dividend.
The company disclosed second quarter 2026 financial and operational results and updated its full-year 2026 guidance. The specific figures are contained in the press release furnished as Exhibit 99.1, which is not included in the 8-K body text provided. The company also announced its quarterly dividend.
Event · Exhibit 99.1
SBA Communications reported Q2 2026 results with $198.8M net income, $3.05 AFFO per share, and issued $3.5B investment grade senior notes.
Added in current filing · view on EDGAR →
Net income attributable to SBA of $198.8 million or $1.87 per share ... Industry-leading AFFO per share of $3.05
SBA reported Q2 2026 net income of $198.8 million ($1.87 per share) and AFFO per share of $3.05. Site leasing revenue grew 5.1% year-over-year to $663.9 million, driven by international expansion (up 30.5%) offsetting a 3.7% domestic decline. Tower cash flow margin was 79.5%, down from 81.0% in the prior year.
Added in current filing · view on EDGAR →
Issued inaugural $3.5 billion investment grade senior notes and entered into a new expanded $2.5 billion senior unsecured revolving credit facility subsequent to quarter end ... Ratings upgrade from S&P to BBB ... On July 23, 2026, the Company, issued $1.35 billion of 4.875% unsecured senior notes due January 15, 2030, $1.35 billion of 5.150% unsecured senior notes due July 15, 2031, and $0.8 billion of 5.450% unsecured senior notes due July 15, 2033. The 2026 Senior Notes have a blended interest rate of 5.113% and a weighted average maturity of 4.9 years.
SBA completed its first investment grade bond offering, issuing $3.5 billion of unsecured senior notes with a blended rate of 5.113% and 4.9-year weighted average maturity. Proceeds repaid the $1.0 billion Revolving Credit Facility and $2.2 billion 2024 Term Loan. The company also replaced its secured revolver with a new $2.5 billion unsecured facility and received an S&P upgrade to BBB. Net debt to Adjusted EBITDA ended Q2 at 6.4x, mid-range of the 6.0x-7.0x target.
Added in current filing · view on EDGAR → · paraphrased
Site leasing revenue | $ 2,651.0 | to | $ 2,676.0 | $ 2.0 | $ 3.0
Tower Cash Flow (1) | $ 2,091.0 | to | $ 2,111.0 | $ (1.0) | $ —
Adjusted EBITDA (1) | $ 1,920.0 | to | $ 1,940.0 | $ (1.0) | $ —
AFFO (1) | $ 1,270.0 | to | $ 1,318.0 | $ 1.0 | $ 2.0
AFFO per share (1) (5) | $ 11.95 | to | $ 12.40 | $ 0.02 | $ 0.03
SBA updated its full year 2026 outlook, raising site leasing revenue guidance by $2.0 million (midpoint) and AFFO by $1.0 million, while Tower Cash Flow and Adjusted EBITDA guidance were lowered by $1.0 million each. AFFO per share guidance increased by $0.02 to a range of $11.95 to $12.40. The outlook assumes no additional stock repurchases or debt financings beyond the completed refinancing.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 4, 2026 · How we verify